From India's priciest penthouse bought by Bajaj Auto's Niraj Bajaj in Malabar Hill, to 28 flats worth Rs 1,200 crore bought by the Damani family, Mumbai reported big ticket property sales in FY23. Luxury housing sales went up in the financial capital, even though overall registrations fell because of higher interest rates affecting purchases by middle and lower income buyers.
Despite the drop in number of flats sold, high-end deals pushed the stamp duty collected in Mumbai to a record high of Rs 845 crore for the month of April.
Deals fall but collections rise
The 15 per cent jump in duty collected also coincided with a 15 per cent drop in the number of deals which fell to 9,933.
While April usually clocks a decline in registrations after the financial year ends in March, the properties registered in the past month were also filed in March.
Sales of expensive flats to top corporate executives, actors and business families, across localities such as Malabar Hill, Worli and BKC, have been rising since the Union Budget 2023.
CEOs, business clans and actors pump in the cash
The decision to set a Rs 10 crore cap for capital gains tax on reinvestment in real estate, triggered a surge in big-ticket deals in Mumbai, including purchases by the Damani family, Taparia family, Oberoi Realty and Welspun Group's BK Goenka among others.
Actor Suriya also bought a Rs 70 crore flat in Mumbai as he plans to move to the maximum city, while actress Aliya Bhatt recently made real estate purchases worth Rs 37 crore.
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